Blitz Bureau
ABUJA: Nigeria will establish a National Credit Guarantee Company in May 2025 to improve access to credit for businesses and individuals, President Bola Tinubu announced, according to a report published in africanews.com.
The initiative, part of Tinubu’s economic reform agenda, aims to bolster financial inclusion and stimulate economic growth by expanding risksharing instruments for financial institutions, said the report. “This initiative will strengthen the confidence of the financial system, expand credit access, and support underserved groups such as women and youth,” Tinubu was quoted as saying by the news website.
The new company will collaborate with key Government agencies, including the Bank of Industry, the Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated alongside private sector and multilateral organisations.
Eight months ago, Tinubu launched the Nigerian Consumer Credit Corporation to enhance credit access for employed Nigerians. Initially targeting federal civil service employees, the program has since expanded to include the general public. The President emphasized that this move is part of a broader effort to drive re-industrialisation and improve living standards in Nigeria.
